New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-07
AFFAIRS OF THE CHARTER OAK.
ITS NETWORK PROPERTY ATTACHED.

TRUE MEANING or THIS ACTIOS-NEW-fORk foii-
CY-HoLDERs on THE ALERT.
An attachment which was obtained In the Supreme
Court on Saturday by George s. Studwell against the
ronertv in this State of the Charter Oak Lite Insur
ance Company of Hartford in behalf of pocy-holders
bore has great deal of significance behind it, and in
,olves a struggle between the Connecticut receivers
and the New-York creditors, whose interests, outside
the attachment liens represented by General Louis
Fitzgerald the receiver OF the compaDys affairs here
While il also brings forward sJme new phases OF the
company's affairs. The sum on which the attachment
was issued is $sl371 IL. Mr.. studWell secured an
Si50'3l5 93 The present attachment has for it's
object the further protection OF New York policy
holders and carries the line OF history OF Charter
Oak affairs the time OF the fiiGht OF George NJ
bartholomew, the president of the company, from
Hartford to Montreal.
On September d. 1886, Insurance Commissioner
F,er OF Connecticut applied to the Supreme Court at
Hartford the appointment OF receiver OF the com
nanv because of the unanimous request OF tho direct
Vs northolomew to shortage of 81 900. The COM
many had been recognized In April, 1873, and Mr.
bartholomew had been made president Charge OF the
finances Of the company was given to him and there
.fer he handled the funds Of the corporation. The
og,irs of the company were MANAGED with apparent
success until the tall Of 1887 when the insurance COM
iooner of the State applied for receiver, alleging
the impairment of the companys capital and asserting
that the assets less than threefourhs Of the LA
h,iites n. required by the laws of Connecticut The
in this city then combined forces against
L action of the commissioner, showed that the assets
were greater than they had been estimated and Sc
cured tine withdrawal of the commissioners SUIT Mr.
bartholomew remained president
When however, in September Last, another appllca-
tion was made for the appointment OF receiver Jus
Zoo Pardee granted the petition and appointed Isaac
prooks of Torringon. senior receiver, and Edmund A.
S,eadman Of Hartford junior recevea General Fitz-
Gerald wac after made receiver OF the companys
Sronerty in this State. There policy-hod-
ara of the company in this city, and they felt the 'ua
ton kceply because this the second time the com
many had become insovent. When General Fitzgerald
utedo IN Attorney
era it was understood by the policy here that
the assets OF the nolvent debtor here would first he
ar nied 10 the payment of home creditors before the
,naoyent company should he allowed TO move its assets
or the proceeds OF sales OF s property IRON this State
II having been suggested in other tigatons now pend
inc that there might he o question OF tue title OF the
New York receiver the policy-hoders living here com
bined and assigned their claius to Mr. Studwell ms
trustee who has taken of their interests and has
interviewed in the ACKNOWLEDGEMENTS suit.
According TO of the pOlicy-h0!ders IN tins city,
tbc TACT has recently been developed that the receivers
in Connecticut intend to make vigorous effort to get
the assets this State out oil the State and to admin
ister on them IN Connecticut without hrs recognizing
thc prior claims of policy holders here and IN carrying
on, his plan il IL understood that these receivers con
templ,te an attempt to remove the action III which
General Fitzgerald was appointed TO the United Stes
Conrt IA The first step in the removal of the assets
from the urisdicton of the courts OF this State, anu
so that the Connecticut receivers will resist proceed
mos for the distribution OF the Assets unuer the laws OF
this state This latter chort will be made 1t Ia under
stood on the claim that under the terms OF the com
nanv's charter the Connecticut receivers are Ios-
sesssd OF peculiar rights IN the administration OF the
cam, an nssets which Will result III deprVng policy-
hoIders here of the security which they had looked
upn as afforded them by the assets OF the company
These assets consist largely o real estate the equity
in which n "a said over and above membranes, u
from 5000 900 10 100000. enough to pny liberal
dividend TO policy holders here. aud perhaps to pay
the reserve value their policies III iul II tier rights
can be maintained .,,
One of these policy holders said Yesterday " The
history of this company has 0een unfortunate ahu VIZ
satisfactory enough without the nilcton oil thls ne"
the proceedings TO remove the case from our nouns
courts IL that the Attorney -ftneini' Ill ms "c',oh
askcd that the directors OF tho company should lie
made 10 account Tor their administration OF the com
pany's affairs. The liability OF deorge NJ barthQl-
omew, the former president OF tie company ior "ic
conseouences OF his unfortunate administrator Is
pretty well understood but the facts regarding the
relation OF the other trustees OF the company ana OF
their possible responsibility for It's misnanaiemcnt
have not been according 10 our views suthcienuy IN
o,red into and do not wish 10 see the property or
it's proceeds removed from the jurisdiction OF tho
courts here until all those miters are thoronGhy ven
tlnted. what we desire Is that Genera fnhgerau
should administer on the assets here we nave every
confidence in him. and even the courts should decide
that there must be prorata distribution OF M .he
assets In all tho States, General Fitzgerald IL the
proper ouc, to mind. to continue to act here
ave have discovered that the deposits OF the com
pany which were kept at a welknown bank OF this
city were transferred from the companys name TO
that Of Me-. Bartholomew individually. The sum so
transferred was 100000; Mr.. Bartholomew short
age was sos 900. The transfer sas made 10 avoid
attachments in proceeding. against me eotnP ", ny
transfer and cannot praise too highly the action OF
the AttoTney General In providing Tor such an exam
nation into the compsnys affairs would clearly show
tie extent of the responsibility OF the directors oil the
eompany for its management. Mr.. bartholomew APP
pnreutly used precscly the sum transferred TO him
Tor TIA own purposes The Attorney General Will. I'M
doubtedy probe this matter
MISSION WORK or THE EPISCOPAL CHCRCH
The Domestic and Foreign Missionary Society Of the
pro,.snt Episcopal Church held meeting last Night In
Calvary Church In Fourh-ayc. The Rev. Dr. Henry l.
sarlee rector Of the church. conducted the services
and introduced the first speaker native West Indian
the Rev James Theodore Holly. Bishop Of IIayti Hc
gave n sketch Of the idolatry and " vondoosn" still
proyaent among the natives in the interior OF the Island
mod. an,,,, T.. $1,000 TO establish All
Industrial school in connection with the mission.
told OF the CRYING need for dispensary andhospta and
c,unlaued of the bad example set the natives ~ the
outrageous conduct OF many foreigners who visit the
ti.nd from time time business pleasure ana
seem 10 leave behind them ali the restraints OF civha
ton. 49,. --- o.,. .uo,.o, ,,,h n ,,o,,,,,
accont of the work that progressive nation Japan,
from which he has recently returned.
The Ioy Dr. William j. Boone, Bishop or Shanghai
,hcn smoke OF work among tho Chinese, where the
d0irnity did not consist ~ In Japan, In oolnqurng
and .centca mind, but In complete Indifference and
r.i,nv that the Chinese possess and know AL that Ia
worth pos.essing or knowing
The ev William = Iangford. the general secretary OF
the society gave sketch Of the work In Africa and Mex